The IRS provided new interim guidance on the corporate alternative minimum tax (AMT) in Notice 2024-10 and said it expects the release of proposed regulations in 2024.
The guidance provides rules for determining the adjusted financial statement income of a U.S. shareholder when a controlled foreign corporation (CFC) pays a dividend to the U.S. shareholder or another CFC.
The guidance also modifies and clarifies the rules in Notice 2023-64 for determining the applicable financial statement of a corporation that is a member of an affiliated group of corporations filing a consolidated return. Read more.